ON (NYSE:ONON) Rating Reiterated by Morgan Stanley

ON (NYSE:ONON)‘s stock had its “overweight” rating reiterated by equities researchers at Morgan Stanley in a note issued to investors on Friday, Benzinga reports. They presently have a $40.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 0.70% from the company’s previous close.

ONON has been the subject of several other research reports. William Blair initiated coverage on shares of ON in a research report on Tuesday, April 16th. They set an “outperform” rating for the company. Truist Financial reiterated a “buy” rating and set a $46.00 price target on shares of ON in a research note on Tuesday, June 18th. Piper Sandler upped their price objective on ON from $37.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Stifel Nicolaus reiterated a “buy” rating and set a $41.00 target price on shares of ON in a research report on Thursday, May 16th. Finally, TD Cowen boosted their price target on ON from $36.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, ON has a consensus rating of “Moderate Buy” and an average price target of $42.00.

ON Stock Performance

ON stock opened at $39.72 on Friday. ON has a fifty-two week low of $23.41 and a fifty-two week high of $44.30. The stock has a market cap of $25.01 billion, a price-to-earnings ratio of 90.27, a PEG ratio of 1.23 and a beta of 2.27. The stock’s 50 day simple moving average is $37.19 and its two-hundred day simple moving average is $32.84.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.12 by $0.20. ON had a net margin of 6.46% and a return on equity of 11.13%. The business had revenue of $581.41 million for the quarter, compared to analyst estimates of $555.52 million. On average, analysts predict that ON will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On ON

Several institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its stake in shares of ON by 109.3% during the 3rd quarter. American Century Companies Inc. now owns 6,566,787 shares of the company’s stock worth $182,688,000 after purchasing an additional 3,428,794 shares during the period. William Blair Investment Management LLC acquired a new position in ON during the first quarter worth about $121,712,000. 1832 Asset Management L.P. increased its holdings in ON by 36.2% in the fourth quarter. 1832 Asset Management L.P. now owns 3,160,000 shares of the company’s stock valued at $85,225,000 after buying an additional 840,600 shares in the last quarter. Bamco Inc. NY lifted its position in shares of ON by 243.0% during the 3rd quarter. Bamco Inc. NY now owns 3,028,002 shares of the company’s stock valued at $84,239,000 after acquiring an additional 2,145,318 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of ON by 2.7% during the 3rd quarter. Invesco Ltd. now owns 2,908,297 shares of the company’s stock worth $80,909,000 after acquiring an additional 76,518 shares in the last quarter. Institutional investors and hedge funds own 33.11% of the company’s stock.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.